FinGlobe CoE – First Open Challenge Program (OCP)

ABOUT

Centre of Entrepreneurship on FinTech is setup by STPI in collaboration with the Government of Gujarat. The best-in-class incubation facility of located at STPI-Gandhinagar, GIFT-City has 50 Plug n Play incubation seats for the FinGlobe CoE.

Objective – To encourage the Startups for creation of products and services to penetrate new areas of the financial system and to change the competitive landscape which in turn can motivate the traditional financial firms in this region to invest in technology and to pay attention to changing trends among their customers, a FinGlobe CoE at Gandhinagar is proposed. It will provide a platform for the FinTech & TechFin start-ups as well as potential investors to innovate new products and services with the latest trends and technologies in the financial services sector and can very well lead the next wave of growth of the Indian economy.

FinGlobe Center of Entrepreneurship (CoE) on Financial Technologies launched on 11th March 2024. Address / Location: 9th Floor, GIFT One Tower, GIFT City, Gandhinagar - 382 355.

WHO CAN APPLY

The FinGlobe CoE invites the proposals/applications from Indian Start-ups / companies who are working in Financial Technologies who would like to use FinGlobe CoE Sandbox Bank Environment, Industry APIs & Payment Gateway.

The start-up must be incorporated as a
• Private Limited Company (as defined in the Companies Act, 2013) or
• Registered Partnership Firm (Regd. under section 59 of the Partnership Act, 1932) or
• Limited Liability Partnership (under the Liability Partnership Act 2008)

Terms & Conditions
• Selected start-ups shall share 5% equity with STPI. Visit: finglobe.stpi.in for more information.
• Each start-up have to book the time slot in advance
• The start-up who wish to avail FinGlobe CoE physical incubation space may approach STPI. The allocation, charges and T&C shall be as per applicable Incubation norms

FOCUS AREAS

Category-1: Financial Technologies
• Banking
• Payment
• Lending
• Trading
• Remittance

Category-2: Customized FinTech solutions related to
• RegTech
• EduTech
• DeepTech
• MediTech

SELECTION PROCESS

FinGlobe CoE Selection Process would be organized in three (3) phases.
Phase-1:Applications from start-ups are invited through an online contest portal
Phase-2: Shortlisting of Ideas, POCs and Solutions having strong potential through initial scrutiny
Phase-3: Selection of start-ups for this program through pitch-in session.

DURATION

• Application submission– Start Date – 11th March 2024.
• Application submission– End Date – 10th May 2024

OFFERINGS

• Access to Sandbox Bank Environment, Industry APIs & Payment Gateway
• 50 Plug & Play incubation space
• Training facility
• Technical support
• Mentoring Support
• Industry & Market connect
• Financial assistance (seed funding)
• Networking opportunities
• High Speed Internet Access
• Access to Credits from the ECO system partners like Mathworks, AWS, etc.
• Sponsorship to National level events to showcase your products
• Invitations to all Technical Seminars / Workshops
• Access to Funding agencies / VCs
• IPR Related Support Services.

BENEFITS & SUPPORT OF REGULATORY AUTHORITIES IN THIS DOMAIN
• FinTechs registered with STPI may be facilitated to access IFSCA's Regulatory and Innovation Sandbox subject to the required data protection and confidentiality requirements of the Financial Institutions as may be determined by IFSCA.
• FinTechs registered with STPI may apply to the IFSCA FinTech Incentive Scheme 2022 under the appropriate category of Grants subject to eligibility.
• FinTechs registered with STPI may be facilitated to access Overseas Regulators’ Sandbox in accordance with a bilateral agreement, if any, between IFSCA and the corresponding overseas regulator, or any other arrangement existing between the two.
• IFSCA may allow FinTechs registered with STPI to list on international exchanges within IFSC to raise capital.

Problem Statement